An estate agency group is asking the Chancellor to provide homebuyers with the option of paying Stamp Duty in instalments, making it easier for first-time buyers to purchase a home.
Stamp Duty Land Tax (SDLT) is charged on homes costing over £125,000. For example, a buyer buying a £295,000 house will have to pay £4,750 Stamp Duty. In London, the stamp duty charged on an average priced property of £481,000 is £9,050.
David Powell, CEO of estate agents Andrews Property Group, says that paying Stamp Duty in one sum makes home buying unaffordable for many first-time buyers. SDLT is due 14 days after completion. He proposes that the cost be spread over two to five years for those who struggle to pay in one instalment. His company has launched a parliamentary petition asking for more flexible Stamp Duty payment options.
The cost of buying and moving to a new home is rising. Deposit requirements, legal fees, surveyor fees and removal service costs have all increased over the last few years. Stamp duty is an extra cost that makes buying a home unaffordable for many first-time buyers.
David Powell wants estate agents to sign his petition. If it reaches 100,000 signatures, the petition will trigger a parliamentary discussion on Stamp Duty payment options.
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